RevenueSA has reminded taxpayers that changes to the off-the plan apartment concessions will come into effect from 1 July 2014. For eligible off-the-plan purchase contracts, entered into between 1 July 2014 and 30 June 2016 for apartments with a value of $500,000 or less, stamp duty will be payable on the deemed unimproved value of the apartment plus the value of any construction already undertaken at the date of the relevant contract and not the full market value of the apartment. For apartments valued at over $500,000, a concession will apply of up to id=”mce_marker”5,500. RevenueSA has also advised that the relevant descriptions of the stages of construction have been published in the SA Government Gazette and are also outlined in Information Circular 68
[LTN 107, 5/6/14]